According to the National Association of Realtors® 2022 Profile of Home Buyers and Sellers, fewer people have been able to become homeowners as home prices have risen to previously unimaginable heights.
In fact, only 26% of all house sales were attributed to first-time buyers, the lowest percentage in the report’s 41-year history. Representing a significant decrease from the prior year, when this group made up roughly a third (34%) of all buyers.
Not only first-timers found the housing market difficult.
Even seasoned buyers found it difficult to deal with the record-low number of available properties, the competitive bidding process, and the temptation to waive important contingencies in order for a seller to even consider an offer.
Budget constraints for buyers are also brought on by rising rents, high-interest rates on mortgages, and inflation.
Watch our latest episode where we talk about first-time home buyers, Redfin CEO’s theory on the real estate market, and Kylie selling her $22M mansion.